In brief The Giving Block processed more than $69 million worth of cryptocurrency donations in 2021, up from $4.2 million the previous year. Ethereum was the most-donated cryptocurrency in terms of U.S. dollars, followed by Bitcoin and USDC. The Giving Block, a platform that lets users donate cryptocurrency to an array of charitable organizations, announced today that it facilitated more…
As cryptocurrency mining activity grows increasingly common in Russia, one local region is struggling to maintain power stability amid massive inflows of new crypto mining operations. Russia’s Irkutsk Oblast, a federal region and Russia’s major center of trade routes from China, experienced a fourfold increase in energy consumption in 2021 due to mining activities, local news agency TASS reported on Wednesday.…
Thailand’s revenue department has abandoned a plan to impose a 15% withholding tax on crypto transactions, according to the Financial Times. The news comes amid opposition from traders in the country. The new approach allows crypto-traders in Thailand to offset their annual losses against gains that have been made in the same year. The news has been welcomed by crypto…
The United States’ national debt has passed $30 trillion — and even all the Bitcoin (BTC) in the world would hardly touch it. According to the latest official statistics, U.S. national debt is at levels never seen before, passing the psychological $30 trillion barrier for the first time this week. Bitcoin is worth less than 3% of U.S. national debt…
Crypto exchange FTX is currently in the process of acquiring Japanese fintech company Liquid Group and all of its subsidiaries, according to a press release posted on the latter’s website today. As part of the deal, FTX will also gain control of Quoine, one of the first Japanese crypto exchanges registered with the country’s Financial Service Agency (FSA) back in…
In brief Axie Infinity is a blockchain-based game in which players purchase NFTs of cute monsters and then pit them against each other in battles. Players can earn SLP tokens during gameplay and trade them for money at an exchange. A “play-to-earn” movement has emerged around the game, with players joining scholarship programs and academies. Non-fungible token (NFT) crypto collectibles…
Chainalysis—a blockchain analytics platform—has found “significant” evidence of wash trading and money laundering in the emerging NFT market. “As is the case with any new technology, NFTs offer potential for abuse. It’s important that as our industry considers all the ways this new asset class can change how we link the blockchain to the physical world, we also build products…
The head of the Central Board of Direct Taxes (CBDT) in India said the recent announcement of a 30% tax on crypto holdings doesn’t necessarily make the crypto trade legal in India. The finance minister of India announced a 30% tax on crypto holdings during the budget session on Feb. 1, triggering several headlines on the lines of “India legalizes…
Blockchain is among six emerging technologies that will be prioritized by the Kingdom of Saudi Arabia (KSA)’s IT decision makers in 2022 and beyond, according to a recent study. Effect of Covid-19 The government of Saudi Arabia’s IT decision makers have named blockchain as one of the six technologies they plan to prioritize in 2022 and beyond, a survey study…
Google has started researching blockchain and how it may benefit Web 3.0 technology. According to a Tuesday statement from Sundar Pichai, the CEO of Alphabet — Google’s parent company — the company is exploring integrating blockchain technologies into its flagship products and services. When asked how the firm views Web3, Pichai said there are several “areas of interest” for Alphabet,…
